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Forint Snaps Four-Day Gain on Global Economic Slowdown Concern

June 21 (Bloomberg) -- The forint weakened for the first time in a week as U.S. jobs, manufacturing and housing data deepened concern the global economy is slowing.

Hungary’s currency depreciated 0.3 percent to 287.5 per euro by 5:17 p.m. in Budapest. The benchmark BUX stock index slid 1.7 percent as Mol Nyrt., Hungary’s largest refiner, declined 2.8 percent.

Demand for riskier assets fell after the Federal Reserve Bank of Philadelphia’s economic index showed the worst contraction in manufacturing in almost a year, while other reports showed existing home sales decreased more than forecast and jobless claims topped estimates.

The forint earlier rose to the highest in seven weeks and Hungary sold more debt than planned at an auction as the government submitted amendments to a central bank law to unfreeze bailout talks blocked for seven months.

The nation sold 55 billion forint ($245 million) in 12-month Treasury bills, 10 billion forint more than planned and the highest amount at sales of that maturity since March 27. The average yield was 7.39 percent, compared with 7.58 percent at the last sale of the debt on June 7, according to auction results from the Debt Management Agency on Bloomberg.

The proposed changes to the law on the Magyar Nemzeti Bank will bring it in line with European Union regulations and address concerns raised by the European Central Bank and the International Monetary Fund, according to the draft posted on parliament’s website today.

To contact the reporter on this story: Andras Gergely in Budapest at

To contact the editor responsible for this story: Gavin Serkin at

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